Historic Growth for Gemini
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, recently reached an impressive milestone: it now holds over $25 billion in cryptocurrency custody. Imagine a piggy bank so big that it could house all the twinkling dreams of crypto enthusiasts! This achievement is a testament to the platform’s exponential growth, largely spurred by an influx of institutional investors.
Institutional Investors Fueling Expansion
The surge in custody assets, which have more than doubled since the beginning of 2021, showcases how institutional players are warming up to the digital gold rush. From hedge funds to venture capital firms, the likes of BlockFi and WealthSimple have entrusted their assets to Gemini—and trust us, that’s big! Here’s a quick list of some high-flying firms that are now in cahoots with Gemini:
- BlockFi
- Blockchange
- CoinList
- CI Global Asset Management
- DAiM
- BTG Pactual
- Caruso
- Eaglebrook Advisors
- WealthSimple
Trading Volume and Market Position
With total custody assets soaring, it’s no surprise that Gemini also saw a healthy boost in trading activity. As of last Tuesday, their 24-hour trade volumes surged past $381 million, securing the 13th position among cryptocurrency exchanges, according to Messari. Nothing says “we’re legit” quite like being among the top players in the crypto trading game.
Compliance is Key
Gemini has thrived on its reputation as one of the most compliant cryptocurrency exchanges. While many competitors scrambled to distance themselves from the infamous XRP after a tumultuous SEC lawsuit, Gemini stood its ground. Why? Because compliance is at the core of their operational strategy. In fact, they were the first digital currency exchange to complete a SOC 2 Type 2 evaluation in 2020, a notable accomplishment proving their robust operational security.
Expanding Services for Fund Managers
In March 2021, Gemini launched its Fund Solutions, a bespoke service tailored for fund managers. This new addition allows them to facilitate a spectrum of crypto fund services, proving that Gemini isn’t just resting on its laurels but actively seeking to widen its service offerings.
Conclusion: The Future Looks Bright
With over $25 billion in custody and a steadfast commitment to compliance, Gemini is poised for continued growth as the cryptocurrency landscape evolves. And with the Winklevoss twins at the helm, it seems this rocket isn’t landing anytime soon. To the moon, indeed!
